Vacation Homes

An increasing number of Canadians are choosing to invest in vacation properties. These properties offer opportunities for relaxation, wealth-building, and memorable family moments. What's more, accessible mortgages with low rates are available, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a college housing option, you can find the best mortgage for your needs. However, it's important to note that different lending criteria apply to second or third homes compared to primary residences. The down payment requirements also vary, with some vacation and secondary homes qualifying for as little as 5% or 10% down payment, while others require 20% or higher. Moreover, different types of cottages have different requirements and rates. Mortgage options depend on the property type, categorized as year-round accessible or seasonal. If you're interested in investing in a vacation property, there are various ways to incorporate down payments, such as through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Canadian investors can also take advantage of innovative tools to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.

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